Thursday, August 7, 2008

Massive Ponzi Scam Bust in Oakland

Thu, Aug 7, 2008 at 8:04 AM

The Trib reports that the cops have snatched Oakland resident Maurice Jackson for allegedly running an extensive Ponzi scam, in which perhaps three hundred people were suckered into putting money into nonexistent investment opportunities. Jackson allegedly promised returns of up to 120 percent, and allegedly pocketed at least $1 million, although bank records indicate payments of close to $15 million in payments. To which we can only say, who honestly believes they can see 120 percent profit in twelve months? If Jackson did scam these folks, he's gotta be one hell of a salesman.